Churchill Ventures Ltd. Announces Suspension of Operations

  
    
  
  
    
      Churchill Ventures Ltd. (AMEX: CHV) announced today that in light of 
      market conditions it was suspending its business combination activity 
      and would commence the process of liquidating and distributing its trust 
      fund proceeds to its shareholders.
    
    
      “Churchill’s founders have a stellar reputation for delivering value to 
      investors in our past activities, and we would rather close our doors 
      and return our investors’ capital than pursue a business combination in 
      these market conditions,” said Christopher Bogart, Churchill’s Chief 
      Executive Officer. “SPACs like Churchill rely on the availability of 
      leverage and the receptivity of institutional equity investors, neither 
      of which is present in capital markets today. Churchill’s founders will 
      lose money personally by taking this decision – and our shareholders 
      will actually turn a profit on their investment in Churchill – but we 
      believe strongly that it is the right thing to do rather than bringing a 
      questionable transaction to the market,” Bogart added.
    
    
      Churchill does, however, reserve the right to terminate the liquidation 
      process and proceed with a transaction if a suitable transaction comes 
      to its attention before the liquidation occurs.